In a nutshell:

The Bank of America Cash Rewards card offers new cardholders a modest balance transfer fee and attractive perks for everyday spending; however, its APR is high for cardholders with less-than-perfect credit and its interest-free balance transfer offer only lasts 12 months.

In a nutshell:

A good card to use for everyday errands, the Bank of America Cash Rewards card offers a generous 3 percent spending bonus on gas purchases and a respectable 2 percent bonus on groceries; however, there is a strict $2,500 cap on combined purchases in these categories each quarter.

In a nutshell:

Thanks to the bonus earnings in two major categories – gas and groceries – the Bank of America Cash rewards card offers a high rewards rate for a no-annual-fee card, with the potential to earn a large amount of cash back if you can max out the $2,500 quarterly spending limit on its bonus categories.

In a nutshell:

The Bank of America Cash Rewards card offers an exceptional rewards rate on gas purchases and a good rate on groceries — including wholesale clubs — but its $2,500 spending cap on rewards limits how much cardholders can earn.

For cardholders on a budget, the Bank of America Cash Rewards card is a good value. It offers bonus points on everyday purchases, such as gas and groceries, so cardholders don’t have to go out of their way to earn a decent return on spending. It also makes earning bonus rewards a lot easier than similar cash back cards. Cardholders hoping to earn a substantial amount of cash back may be disappointed, though, by the card’s restrictions. This is a basic cash-back card for relatively modest spenders.

Large bonus with a low threshold

The Bank of America Cash Rewards card offers a $150 sign-up bonus to new cardholders – currently one of the largest bonuses among cash back cards – and it comes with a very reasonable spending requirement. Cardholders only need to spend $500 in the card’s first 90 days – roughly $167 a month. This combined with the card’s generous bonus categories may make the Bank of America Cash Rewards card especially appealing card to rewards card users looking to maximize their cash back earnings.

A relatively high rewards rate

If you regularly use your card to pay for gas and groceries, you should have no trouble racking up a significant amount of cash with this rewards credit card. Bank of America awards cardholders 3 percent cash back on gas, which can add up quickly if you spend a lot of time on the road. Cardholders also receive 2 percent cash back on groceries, including those purchased at warehouse clubs, which is a big draw for families with a lot of mouths to feed.

Relatively low ceiling on bonus-awards spending

The biggest downside to the Bank of America Cash Rewards card is that it substantially limits how much money you can earn by capping bonus-awards spending at $2,500 per quarter – or roughly $833 a month. That means if you spend more than $2,500 in a quarter on gas or groceries, you’ll receive just 1 percent cash back on any excess spending. The $2,500 cap probably won’t bother families who don’t typically spend much more than that anyway. But if you’re a heavy spender looking to maximize your savings, you’re better off looking at a card that doesn’t impose a rewards limit.

Hassle-free rewards structure

One of our favorite features of the Bank of America Cash Rewards card is its low maintenance rewards structure, which makes it an ideal card for consumers who don’t want to spend a lot of time thinking about their credit card. Rather than force cardholders to keep track of a rotating list of quarterly bonus categories, the Bank of America Cash Rewards card just sticks to the same two categories – gas and groceries – every quarter. Even better, the rewards don’t expire, so you don’t have to worry about missing out if you’re slow to redeem your earnings.

Extra perks for Bank of America account holders

For consumers who already have an account with Bank of America, the Bank of America Cash Rewards card is an exceptionally good deal – especially if cardholders optimize their earnings by maxing out the total amount of bonuses they receive. Cardholders with a Bank of America checking or savings account get an additional 10 percent bonus any time they redeem cash through their account. Meanwhile, Preferred Rewards cardholders with a substantial bank balance are eligible to earn an even steeper bonus – in some cases as high as 25 to 75 percent.

Why get the Bank of America Cash Rewards card?

You already have a Bank of America checking or savings account.

You spend a moderate amount on gas and groceries and want a good return on your purchases.

You want rewards without spending money on an annual fee.

You prefer cash back instead of rewards points or miles.

You want a simple rewards card with minimum hassle.

How to use the Bank of America Cash Rewards card:

Use this as your primary card for the first three months so you earn the sign-up bonus.

Use your card for all gas and grocery purchases – at least until you hit the spending limit for bonus category purchases.

If you haven’t already, consider signing up for a Bank of America checking or savings account so you can cash in the card’s 10 percent loyalty bonus.

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